Millennials, who now account for more than one of every three workers and a growing number of senior positions, are demanding fundamental changes in the way businesses run. In fact, just last year Millennials outnumbered Generation X’ers and accounted for the largest generational share of the U.S. workforce, according to Pew Research. By 2020, PWC reports these digital natives will constitute 50% of the global workforce.
Millennials grew up in the age of technology and social medias, which has created a culture of increased transparency and mobility in communications. Vastly different from their predecessors, Millennials expect the right to know why, what and how decisions are made among the C-suite and—much like what they’re used to in their personal life—they want input and information on these decisions as they’re made.
As the competition between organizations to attract and retain millennial talent heats up, here are a few facts to keep in mind:
In a recent 2016 Deloitte Millennial Survey, that 30% figure increases to 44% when the time frame is expanded to two years. And interestingly, this apparent lack of loyalty applies not only to young or junior staffers, but all throughout the millennial workforce—25% of all surveyed are in senior positions, and they too "express the intention to leave their organizations very soon."
Since only 15% of employees surveyed said their current companies were doing a "very good" job fostering honesty at the office, there is clearly substantial room for improvement.
More than half of Millennials said feedback should be given very frequently or continually on the job. In other words, they aren’t fans of having to wait six months or a year to get a formal review of their work.
The majority will leave their jobs because they don’t feel like their current position allows for much advancement according to Benefits Pro. If your Millennial employees don’t feel that you value them enough to utilize and maximize their potentials, they will leave for or create new companies that can.
According to Capstrat. Most Millennials are willing to forgo a higher salary for a more personally and professionally fulfilling career. A common misconception about Millennials is that they expect and feel entitled to big salaries right off the bat. When managers were asked to identify in the Capstrat survey what they thought was the most critical success factor to Millennials, nearly half of managers replied “high pay,” versus a paltry 11% of managers who thought “meaningful work”.